Trump plans to impose tariffs on industries such as automobiles and pharmaceuticals

President Donald Trump said on Monday that he would announce new tariffs on a wide range of industries, including cars and pharmaceuticals, in the near future, meaning more across-the-board tariffs would be added to his forthcoming "reciprocal tariffs". "Automotive tariffs will be announced very soon," Mr. Trump told a cabinet meeting. "As you all know we have steel and aluminium tariffs." He added: "We will also announce pharmacy tariffs in due course because we have to get control of the pharmaceutical industry." Mr. Trump stressed: "These measures will be announced in the near future - not in the long term, but very soon." Mr. Trump also said that many countries could be exempted from tariffs. At a separate event at the White House later in the day, Mr. Trump further revealed that "additional tariffs will be announced in the coming days in areas such as cars, lumber and chips". It was unclear whether the targeted tariffs on these industries would be implemented in tandem with the retaliatory tariffs that take effect on April 2. The remarks came just hours after Mr. Trump announced that he would impose a 25 per cent tariff on all countries that buy Venezuelan oil and gas.